Millionaire candidates list assets

Schwarzenegger shows tax returns

SANTA MONICA, Calif. — Gubernatorial candidate Arnold Schwarzenegger released copies of recent tax returns Sunday, apparently to bolster an image of transparency concerning his personal finances and to show that he was truthful when he told voters they could trust him not to cater to special interests because "I have plenty of money."

All candidates in the election to determine whether Democratic Gov. Gray Davis is removed from office had to file financial disclosure forms. Those documents were made public.

In addition, the Schwarzenegger campaign made the actor's 2000 and 2001 federal and state income tax returns available to reporters who were allowed to examine copies of the documents in a hotel, but could not remove them.

The returns showed that the actor made millions of dollars from his acting work and from an array of investments, partnerships and corporations.

In 2000 Schwarzenegger had an adjusted gross income of $31,102,637 on which he paid $8,521,815 in federal taxes. In 2001 he earned $26,138,832 on which he paid $7,948,332.

He was owed a refund of $552,797 in 2001, but opted to have the money applied to his 2002 taxes.

No presidential donation

Both years he opted not to make the $3 donation to the federal fund to finance presidential campaigns.

In 2001 Schwarzenegger donated $4,157,945 to charity, including a Santa Monica house valued at $2,015,000 which he gave to the Roman Catholic Archdiocese of Los Angeles.

Among the cash donations to charity, Schwarzenegger gave the largest amounts to the Twin Towers Fund set up after the World Trade Center attacks, the Nelson Mandela Children's Fund USA and Best Buddies, which helps mentally handicapped individuals.

The so-called Statement of Economic Interests does not require candidates to disclose everything they own and all of their income, just income and investments that might cause a conflict of interest should they be elected.

Other candidates who filed disclosure declarations included author and columnist Arianna Huffington who valued her personal business, Christabella Inc., at $1 million, the same value she attached to her home.

Huffington listed her work for Christabella as a writer, speaker and commentator.

Hustler Magazine founder Larry Flynt listed himself as the chairman of LFP Inc., a company that publishes magazines and Internet content.

He valued the company at $1 million and said he was also the chairman of Majestic Properties, which he also valued at $1 million.

The lengthiest filing came from Republican candidate William Simon Jr. It listed diversified stock, stock funds and bonds.

His portfolio included shares in Cisco, General Electric, Viacom and AOL Time Warner.

Although the California Secretary of State's Office registered 193 candidates for the Oct. 7 recall election, only a handful of the candidates are considered serious contenders for governor.

Among those are Simon who on Sunday criticized Schwarzenegger on "Fox News Sunday," saying that the actor-turned-candidate had to start talking about substantive policy issues, something Schwarzenegger has promised to do during the campaign.

Another serious candidate is the only Democrat in the race, Lt. Gov. Cruz Bustamante.

He is the highest-ranking Hispanic office holder in California.

Speaking on ABC's "This Week," Bustamante said no other candidate could top his credentials.

"I'm the only person in this group . . . that has been in a leadership role in the Legislature, that's ever reformed anything in California," Bustamante said.

Criticism for 1994 action

Also Sunday, Art Torres, the California Democratic Party's chairman, criticized Schwarzenegger for voting in favor of a 1994 ballot initiative that denied undocumented immigrants access to public services such as schools, health care and welfare.

Schwarzenegger's campaign confirmed the actor voted in favor of the measure, which was approved by voters.